An electro-optic assembly includes a first partially reflective, partially transmissive substrate defining a first surface and a second surface. A second partially reflective, partially transmissive substrate defines a third surface and a fourth surface. A space is defined between a first substrate and a second substrate. A seal is disposed about a perimeter of the first and second substrates. An electro-optic material is disposed between the second surface of the first substrate and the third surface of the second substrate. The electro-optic assembly is operable to change at least one of a reflectance state and a transmittance state in either a discrete or continuous manner. A transparent electrode coating is disposed between the second surface and the third surface. The transparent electrode coating includes an insulator layer, metal layer, and insulator layer (IMl) structure. The reflectance off of the transparent electrode coating is less than about 2%.